- By Vaamanaa Sethi
- Thu, 28 Sep 2023 05:33 PM (IST)
- Source:JND
Quick-service coffee and food brand Third Wave Coffee has raised $35 million in Series C round of funding led by Creaegis. The round also saw participation from existing investors including WestBridge Capital and angel investors.
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The company said it will utilise the capital for country-wide expansion, bolstering its supply chain, enhancing capabilities, and investments in technology.
“We are thrilled to have Creaegis lead our Series C fundraise with participation from our existing investor Westbridge Capital and angel investors like Sujeet Kumar," said Sushant Goel, co-founder and CEO, Third Wave Coffee.
Goel further added, “We believe that the coffee-first QSR industry is one of the fastest-growing consumer categories in the country. We have grown 5x through the last year and strategically expanded our footprint across the nation. Going forward, we will continue to double down on technology and product innovation to deliver a superior cafe experience across the country.”
Founded in 2017, the company claims to have 100 plus stores. Third Wave Coffee is present across major Indian cities, including Bangalore, Mumbai, Delhi, Gurgaon, Pune, Hyderabad, Noida, Coonoor and Chandigarh. The brand has a network of over 100 cafes.
“Third Wave Coffee is emerging as one of India’s most loved brands, answering to the country’s aspirations. We are excited to support the management team in their next phase of growth, using a digital-first approach to build an iconic Indian company," said Creaegis managing partner and CEO Prakash Parthasarathy, and partner Nitish Bandi, in a statement.
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In May last year, WestBridge Capital led a $21 million Series B investment in the company along with participation from marque angel investors.